The National Stock Exchange and Jio Platforms are preparing for massive IPOs in September, targeting a combined raise of over ₹67,000 crore. These landmark listings are expected to revitalize India's primary market, providing new valuation benchmarks while testing investor appetite amid cooling market volatility.
The Indian primary market is bracing for a high-profile September as the National Stock Exchange (NSE) and Jio Platforms move toward potential mega-listings. Combined, these two offerings aim to raise nearly ₹68,000 crore, a figure that would redefine the landscape for capital raising in the country. With the NSE targeting approximately ₹30,000 to ₹31,500 crore and Jio Platforms looking to secure between ₹37,000 and ₹37,700 crore, these IPOs are set to surpass the record-setting issues seen in recent years, including the Life Insurance Corporation of India’s 2022 offering.
Market Revival and Investor Sentiment
After a period marked by global economic uncertainty and valuation adjustments, the market is showing signs of stability. Industry data indicates that July 2026 was a particularly active month, with 12 companies raising ₹28,584 crore. This surge brings the total capital raised through public offerings since January to over ₹51,500 crore. The participation of Domestic Institutional Investors (DIIs) has been a critical factor in this momentum. Unlike in previous years, DIIs have shown a willingness to push back against aggressive pricing, which has forced many issuers to recalibrate their valuation expectations and issue sizes before approaching the public.
Regulatory Scrutiny and Valuation Realities
While the pipeline remains robust with companies like Zepto, PhonePe, and Oyo preparing for potential market entry, the path to listing is not without challenges. Regulators, led by the Securities and Exchange Board of India (SEBI), are maintaining a strict stance on the claims made by companies during their roadshows. There is a heightened focus on the factual basis for valuation models, with merchant bankers now required to provide empirical evidence to support their pricing claims. This regulatory environment has led some companies to choose private funding rounds or pre-IPO placements as a way to test investor interest and firm up their financial narratives before facing the broader public market.
What Investors Should Track Next
For investors, the immediate focus will shift to the final approval status of the draft papers filed by NSE and Jio Platforms. The success of these offerings will serve as a bellwether for the rest of the year, potentially unlocking a pipeline of other technology, manufacturing, and healthcare companies waiting on the sidelines. Investors will likely monitor how these companies balance their growth capital needs with the valuation discipline currently being demanded by domestic institutions and the regulator. The ability of these mega-IPOs to secure stable listing performances will be the primary indicator of whether the current momentum in the primary market can be sustained through the final quarter of the year.